The 78746 ZIP code, which includes Austin's posh Westlake neighbor​hood, is a bastion of wealth.

That's nothing new.

But as the area—known for its luxury homes and prized school district that have helped to make it the richest ZIP code in the region—runs out of land to develop, some prospective residents are looking for more dense housing options.

Perhaps no development better meets that demand than a 16-acre, mixed-use project at Walsh Tarlton Ln. and Capital of Texas Hwy.

At least $75 million is being poured into the development, which includes a 168-unit apartment building, 71 townhomes and an upscale office building, which will feature 55,000 sf of Class A office space.